Charge of depreciation
This query is : Resolved
Guest
Guest
(Expert)
20 June 2014
http://www.caalley.com/gn/gn_dep.html
yes they can claim dear
yes they can claim dear
20 June 2014
well it is a dicey one. reason being section 25 companies dont do business (forget companies act for a minute).
So where do they claim depreciation after claiming full deduction in year or purchase? well it has been decided in favor of assessee on several occasions. please refer http://fmsfindia.org.in/publication_upload/standard/s&n-ls-v4-i6.pdf
So where do they claim depreciation after claiming full deduction in year or purchase? well it has been decided in favor of assessee on several occasions. please refer http://fmsfindia.org.in/publication_upload/standard/s&n-ls-v4-i6.pdf
20 June 2014
Is it mandatory to charge depreciation or is at the option of the Assessee ?
20 June 2014
as far as Income-tax Act is concerned, you can avoid charging given that either:
1. the asset is purchased out of capital contributions and not routed through the profit & Loss A/c
or
2. bought out of general donations and deduction claimed at 100% in the first year itself.
nevertheless, the debate has always been on whether the charitable organization allowed to claim depreciation even if the 100% deduction has already been claimed. On this question it has been repeatedly held that you can do so.
1. the asset is purchased out of capital contributions and not routed through the profit & Loss A/c
or
2. bought out of general donations and deduction claimed at 100% in the first year itself.
nevertheless, the debate has always been on whether the charitable organization allowed to claim depreciation even if the 100% deduction has already been claimed. On this question it has been repeatedly held that you can do so.
20 June 2014
you are welcome Neha.....
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Tds on building rent monthly
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Sale of property furniture sale
- COP Surrender 2024
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
Trending Online Classes
CAclubindia
